2024 Predictions, Insights and Advice on the Denver Real Estate Market

2024 Predictions, Insights and Advice on the Denver Real Estate Market

Jessica Northrop Shares Perspective from 2023 and Opportunities for 2024

February 5, 2024, The Northrop Group

In all things real estate, Jessica Northrop,  Brittany Morgan and Sarah Bangert bring a wealth of information to their clients as part of The Northrop Group. As top producers for Compass, the leading brokerage in both Denver and the United States for three years running, this powerhouse team has seen it all through decades of experience in the marketplace.

Jessica helped start Compass Denver as Founding Agent five years ago with Brittany and Sarah both joining as part of the original wave of Compass brokers in its first year in Denver 2019. Throughout the last five years, the Denver market has experienced unprecedented growth in the midst of fluctuating mortgage rates, soaring demand, a global pandemic and rising home values. Through it all, the team has joined together to help clients throughout the area which has also included some of the most notable sales in Colorado. In 2023, 1334 S Grapevine Road in Golden (known as “Bear Mountain Ranch”) closed for $14,705,000 making it the highest reported sale in the Denver MLS in two years. In 2022, Northrop Group members sold 7007 Daniels Park Road ($8,040,000) and 31 Albion Place ($6,340,000), the two highest sales in Douglas County.

Jessica Northrop  Denver Market Recap and Predictions

Jessica Northrop (above) offers her recap and upcoming look at the Denver market

With all that experience and expertise comes wisdom, and Jessica shared her thoughts, predictions and advice for Denver residents…

If you could use one word to summarize the Colorado real estate market in 2023, what would it be?

Jessica: The market in the metro area felt on “PAUSE” for most of the year, specifically the last half of the year. Buyers were hesitant and lacked sense of urgency. Most sellers were not overly motivated to reduce their price due to the lack of inventory. Cash buyers were at an advantage and saw less competition from buyers seeking mortgages due to higher interest rates.

What were the common challenges faced by homebuyers and sellers in 2023? Did these challenges or trends differ from previous years?

Jessica: Although we did see inventory rise, homebuyers were still faced with lack of strong inventory. Sellers were challenged with readjusting their expectation to a traditional buying process and less hyper offers. The number of offers presented on a home was lower, days on market longer, and contingencies returned on most contracts.

Looking ahead to 2024, what are your predictions for the Denver real estate market? Are there specific factors that you believe will have a significant impact?

Jessica: Looking ahead in 2024, I predict a strong market due to both buyers and sellers adjusting to and accepting the normalizing marketing we are now in. The reduction of interest rates will have more buyers enter the market. As rates lower, I believe we will also see sellers listing properties not wanting to miss out on this round of buyer activity.

Based on the trends observed in 2023 and your predictions for 2024, what advice would you give to prospective buyers and sellers in Denver?

Jessica: For buyers considering a purchase, competition will rise as rates start to fall, so don’t delay on entering the market. The lower the rate, the more competitive the buying process. Home sellers should anticipate a strong first and second quarter. Traditionally, the real estate market slows near an election. If you would like to sell this year, I would recommend selling in January – June…the sooner the better.

2024 Denver Real Estate Predictions

The beautiful 3533 Tejon Street in Denver is one of The Northrop Group's featured listings in 2024.

One thing is certain: 2024 promises to be another exciting year of activity and opportunities in the market! We are looking forward to helping guide our clients to their best possible decisions in the year ahead!

Questions about making a real estate decision? You can search all Colorado homes for salelearn more about working with The Northrop Group or read testimonials from our clients. Follow The Northrop Group on Facebook and Instagram.

Contact The Northrop Group at thenorthropgroup.com or 303.525.0200.

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